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The differences between mortgage service specialists and loan closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a mortgage service specialist and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $34,920 average annual salary of a mortgage service specialist.
The top three skills for a mortgage service specialist include mortgage loans, customer service and escrow analysis. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Mortgage Service Specialist | Loan Closer | |
| Yearly salary | $34,920 | $39,093 |
| Hourly rate | $16.79 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A Mortgage Service Specialist is an expert in mortgage administrative aspects. They review and verify loan application information, file borrower information, and process paperwork with the lending bank. They also authorize and recommend personal and commercial loans for approval. Math skills are necessary for this job for accuracy in calculating both the principal and interest amounts. They should also develop skills in handling transactions, foreclosing loans, communication, attention to detail, and customer service.
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
Mortgage service specialists and loan closers have different pay scales, as shown below.
| Mortgage Service Specialist | Loan Closer | |
| Average salary | $34,920 | $39,093 |
| Salary range | Between $27,000 And $43,000 | Between $30,000 And $50,000 |
| Highest paying City | Simi Valley, CA | Bellevue, WA |
| Highest paying state | California | Washington |
| Best paying company | Citi | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a loan closer in terms of educational background:
| Mortgage Service Specialist | Loan Closer | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and loan closers' demographics:
| Mortgage Service Specialist | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 17.8% Asian, 6.5% White, 58.1% American Indian and Alaska Native, 0.4% | Black or African American, 12.9% Unknown, 4.3% Hispanic or Latino, 14.8% Asian, 7.0% White, 60.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |